The Ripple price is up by a percentage point in today’s trading session. The price gain is a continuation of a long-term bullish move which saw Ripple price surging by 14 per cent in July.
This week, Ripple is in the news again through its general counsel urging US lawmakers to pass “sensible crypto legislation” amid the platform’s continued legal battle with the Securities and Exchange Commission (SEC). Accordion to the general counsel, the current cryptocurrency framework has given SEC the current power to bully crypto markets by filing unproven allegations masquerading as regulations.
The SEC vs Ripple case has dragged on since December 2020 following accusations from the SEC that the sale of XRP tokens was illegal because the tokens is an unregistered securities offering. Since then, Ripple has continued fighting the SEC, arguing that XRP is not a security and that SEC cannot determine XRP to be security. Although the case drama is not yet over, and its ruling may impact the markets, many investors see the case as a great determinant of the future of Ripple.
The chart below shows Ripple is up by a percentage point in today’s trading session. The chart also shows the prices have recently been trending downwards. Since the late hours of the July 30th trading session, the prices have dropped by 10 per cent to the current level of $0.37.
However, despite the past week’s bearish price action, Ripple has shown great signs of resilience in the markets, with today’s price gains resuming a long-term bullish trend that saw Ripple price surging by 14 per cent in July.
Therefore, my Ripple price prediction expects the price to continue going up. There is a high likelihood that, in the next few trading sessions, we will see Ripple breaking July’s price high of $0.40. My analysis will only be invalidated should the price trade below this week’s price low of $0.363.
This post was last modified on %s = human-readable time difference 15:00